Slide 1: Second Quarter 2026 Financial Results & Business Update
Second Quarter 2026 Financial Results & Business Update June 8, 2026 A rendering of a 50-MW FuelCell Energy data center installation © 2026 © 2026 FuelCell FuelCell Energy Energy 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties. The f
Slide 3: About FuelCell Energy
About FuelCell Energy FuelCell Energy is an American clean energy company delivering continuous, scalable power to support mission-critical applications and grid resilience1 1 The metrics provided are as of April 30, 2026, unless otherwise provided. 2 Represents cumulative FCE Block deployments, inc
Slide 4: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights Commercial Pipeline Strength: Growth to 4 GW of pipeline proposals across data centers, digital infrastructure, and utilities. Contracted Backlog: $1.14 billion as of April 30, 2026. Strong Execution: All segments of the business performed well during the quarter
Slide 5: Technology and Business Overview
Technology and Business Overview © 2026 FuelCell Energy 5
Slide 6: The FuelCell Energy Block
The FuelCell Energy Block 20+ years of continuous operation and improvement 99% Stack Life 99% 90% >95% Facilitates high performance and reduced replacement frequency System Availability* 2006 2016 2026 7 300%+ >85% Beginning of Life +9% increase over 2003: 46% year design 20+years Overall Efficienc
Slide 7: Power Designed for Utility Scale
Power Designed for Utility Scale Engineered to be fuel flexible, operate continuously, accelerate time-to-power, scale with rising demand, and reduce emissions Reliable, Combustion-free power continuous power Carbonate fuel cells convert Exhaust that powers diverse fuels into electricity + cooling s
Slide 8: Carbonate Fuel Cell Addressable Markets
Carbonate Fuel Cell Addressable Markets Strategic Focus Area Commercial & Data Centers 1 Biogas Carbon Capture 1 Industrial Baseload power, Time to power, proven Can run directly off Distributed CO2 superior efficiency, large, utility scale, digester gas at high production; compatibility with other
Slide 9: Nearly 50 Years of Cumulative Utility-Scale Runtime Across 5 Sites
Nearly 50 Years of Cumulative Utility-Scale Runtime Across 5 Sites One architecture and proven high availability across operations on two continents sets the foundation for scale 15 MW - 2013 58.8 MW - 2013 20 MW - 2016 20 MW - 2018 14 MW - 2023 Connecticut: Utility & South Korea: Utility & South Ko
Slide 10: AI and Data Center Strategy
AI and Data Center Strategy © 2026 FuelCell Energy 10
Slide 11: FuelCell Energy's Unique Value Proposition for AI Data Centers
FuelCell Energy’s Unique Value Proposition for AI Data Centers Designed to support a scalable DC-native power backbone for AI data centers — with potential capital-efficiency from day one Accelerated Time to Power Reliability at Utility Scale Community Friendly Reduced permitting friction Continuous
Slide 12: Site-Wide Layered Architecture for AI Workloads
Site-Wide Layered Architecture for AI Workloads Capable of managing the full spectrum of AI power variability — from minutes to microseconds The Challenge AI workloads create electrical load swings/disturbances across multiple time scales at once — microseconds to hours. No single device can absorb
Slide 13: Commercial & Operations Update
Commercial & Operations Update © 2026 FuelCell Energy 13
Slide 14: AI & Data Center Momentum Is Driving Pipeline Growth
AI & Data Center Momentum Is Driving Pipeline Growth Our carbonate fuel cells are uniquely positioned to address global electricity demand growth Demand growth: pipeline1 by type Sales pipeline highlights 4 GW of proposals delivered in Q2 2026, totaling over 5 GW YTD (FY2026) Feb 1, 2026 May 1, 20
Slide 15: Expansion to Global GW-Scale Manufacturing
Expansion to Global GW-Scale Manufacturing Leveraging proven manufacturing experience, operational optimization, and a scalable supply chain Torrington, CT factory expansion underway, which would enable a ramp to up to 500 MW of estimated annualized production capacity with additional capital inve
Slide 16: South Korea: Proven Execution and Revenue Visibility
South Korea: Proven Execution and Revenue Visibility An established player in South Korea, FuelCell Energy is strongly positioned to support growing data center demand Korea Repowering: Deliveries and Revenue FY ‘24 & 25 FY ‘26 Q1 Q2 Q3 Q4 Customer Prior 6 Quarters Actual Actual Actual Estimate Esti
Slide 17: Advancing Carbon Capture With a Global Energy Major
Advancing Carbon Capture With a Global Energy Major Project Pipeline Market Feedback trends Statistics our carbonate fuel cells natively capture Unlike other carbon capture technologies, CO2 without requiring an external power source External Source Carbon Capture: ExxonMobil FuelCell Energy’s Carbo
Slide 18: Financial Update
Financial Update © 2026 FuelCell Energy 18
Slide 19: Q2 Fiscal 2026 Operating Performance
Q2 Fiscal 2026 Operating Performance (Q2) Three Months Ended April 30 (FYE = 10/31) (Amounts in millions, except per share amounts) 2026 2025 Total revenue $35.6 $37.4 Loss from Operations $(77.9) $(35.8) Net loss $(77.6) $(37.7) Net loss attributable to common stockholders $(78.7) $(38.8) Net loss
Slide 20: Q2 Fiscal 2026 Financial Performance and Backlog
Q2 Fiscal 2026 Financial Performance and Backlog Gross Loss and Operating Expenses ($M)1 Revenue ($M) $(12.9) $(9.4) $(26.4) $4.7 13.2% $(65.0) $8.7 24.5% Q2 2026 Q2 2025 Gross Loss Operating Expenses 11.6% 50.7% Backlog ($B) $18 $4.2 1.26 $1.14 $0.10 $0.04 $0.02 $0.03 Product $0.93 $0.97 Service Ge
Slide 21: Cash and Liquidity
Cash and Liquidity Strong cash balance allows significant runway to pursue our focused strategy Cash and Equivalents ($M) Our liquidity position has enabled us to execute on our strategic initiatives through Sequential Quarters investment in manufacturing and R&D (advanced product development) $440.
Slide 22: Thank You
Thank You Investor Relations: ir@fce.com © 2026 FuelCell Energy 22
Slide 23: Appendix
Appendix © 2026 FuelCell Energy 23
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures Financial results are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and amo
Slide 25: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss (1) Includes depreciation and amortization on our Generation portfolio of $8.7 million and $8.7 million for the three months ended A
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation The following table calculates Adjusted net loss attributable to common stockholders and reconciles that figure to the GAAP financial statement measure Net loss attributable to common stockholders and calculates Adjusted net loss per share attributable to common stock
Slide 27: Service Business Profile for Module Replacement
Service Business Profile for Module Replacement Module Size of Plant Est. Date of Next Projects with LTSA Restack (MW) Module Restack Quantity Near term replacement activities United Illuminating - Glastonbury 2.8 2 Q4-2026 remain limited before 2028 United Illuminating - Seaside 2.8 2 Q1-2027 E.O
Slide 28: FuelCell Energy Owned U.S. Generation Portfolio Overview
FuelCell Energy Owned U.S. Generation Portfolio Overview On-Balance Sheet Generation Operating Portfolio as of April 30, 2026 Rated Capacity1 Actual Commercial PPA Term Project Name Power Off-Taker Location (MW) Operation Date 2 (Years) Central CT State University (”CCSU”) CCSU (CT University) New B